Soybean prices are exhibiting a strong bearish inclination, breaching the crucial $1050 level and settling below it. This development reinforces expectations of a sustained downward trend, with upcoming targets set at $1035 and subsequently $1000.
Technical indicators, notably the EMA50, continue to bolster the prevailing bearish momentum. However, stochastic oscillations could introduce temporary sideways movements. Noteworthy is the potential for a reversal scenario upon surpassing $1059, which would halt the anticipated decline and initiate a corrective phase towards gains targeting $1097 in the near term.
Today’s anticipated trading range spans between support at $1025 and resistance at $1150.
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